US domestic soybean oil sales and exports both declined in the week to January 30, data released on Thursday February 6 showed.
Net soybean oil sales out of the US fell from a 2024/25 marketing-year high of 103,600 tonnes in the previous week, moving down by 54% week on week to 48,100 tonnes. Soybean oil sales fell by 82% week on week to 2,200 tonnes.
South America’s new soybean crop should help apply some downward pressure on US soybean oil prices, but this has not started to happen yet, market sources told Fastmarkets.
At the end of 2024, soybean oil exports out of the US Gulf soared. Malaysian palm oil prices surged, and Argentina’s soybean oil export-basis premiums rose above their counterparts in the US at various intervals, making the US a more attractive market for foreign buyers.
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